Troon Group — 201 Stock Road, Bullsbrook ("Northern Gateway Industrial Park")

Owner / SPV Proof	Troon Group (Tom McInerney, Managing Director, Ballarat/Melbourne) via two sequential SPVs incorporated on the exact same day (07 May 2026): TROON BULLSBROOK INVESTMENTS NO.1 PTY LTD (ACN 697 850 221) and 201 STOCK ROAD PTY LTD (ACN 697 851 586 — Corporate Trustee for Unit Trust). ASIC VERIFIED $79.8M (~$80M) purchase settled August 2026.
Size & Lot Yield	176.0–180.0 ha gross (~135 ha net developable industrial land) yielding ~130 general & heavy industrial lots along the freight corridor.
Est. Electrical Load	6.40 MW diversified maximum demand (~7.11 MVA at 0.90 PF) and 25.60 GWh/yr energy consumption (calibrated at 0.036 MW/gross ha to match ERA industrial licence filings). CALIBRATED LOAD Sits dead-centre in the 4–10 MW Goldilocks zone.
Stage & Intercept Window	Phase 2–3 (Post-Settlement / Pre-WAPC Subdivision Lodgement · T-36 to T-24 Months). Land settled Aug 2026; zero subdivision lots lodged on SLIP yet. Catching the developer before Western Power UDS feeder quotes are locked in.
Corridor Bolt-On Upside	Sits 6 km south of Lester Group's Muchea Industrial Park and adjacent to Mirvac's 'Darling' Bullsbrook South (5–8 MVA) and Providence Lifestyle Bullsbrook (237 homes, ~1.2 MW), enabling a 12.6–15.6 MW Bullsbrook–Muchea Corridor Hub.

THE GRID PROBLEM (WHY CONVENTIONAL WESTERN POWER SUPPLY FAILS HERE)

Regulator-Proven 22 kV Feeder Starvation: While Muchea Zone Substation (MUC) shows 5–15 MVA nominal transformer capacity on paper until 2030, Zenith's own 7 Jan 2026 ERAWA EDL10 amendment for Muchea Industrial Park (6 km north) proved that Western Power lacks 22 kV distribution feeder capacity in this corridor, stalling industrial estates.
The Historical Structure Plan Smoking Gun (<2 MVA Local Line): The historical Bullsbrook Industrial Structure Plan (prepared with Cossill & Webley) explicitly recorded that the existing Stock Road 22 kV line has less than 2.0 MVA spare capacity, and full build requires trenching a 19 km dedicated 22 kV feeder from Muchea Zone Substation.
Mandatory 2026/27 C&I Rooftop Solar Export Trap: Across 130 industrial warehouses, mandatory rooftop solar (3–5 MWp+) will saturate the weak local 22 kV voltage regulator at midday unless absorbed by an on-site central BESS.

WHY A PRIVATE MICROGRID WINS HERE

Single Counterparty ($80M Skin in the Game): One private Victorian developer owns the entire 180 ha parcel and needs to release Stage 1 industrial titles fast to service debt/equity on an $80M land purchase.
Out-of-State Developer Blind Spot: Because the buyer is headquartered in regional Victoria (Ballarat/Melbourne), they do not have entrenched WA Western Power workarounds and need a local turnkey BOO power partner.
Zero-CapEx Headworks Rescue: Instead of waiting 3–4 years and paying $8M–$12M to trench 19 km of 22 kV cable from the substation, a 3.5 MVA skinny boundary connection + 4.5 MWp Solar + 3.5 MW / 10 MWh BESS energises Stage 1 in 12–15 months.
95% Retail/Network Annuity + 5% WEM IRCR Credits: 130 C&I tenants pay 20–25% below the $536k/2GWh bundled grid benchmark behind a single master boundary meter, while the BESS captures ~$756k/yr in WEM Reserve Capacity (IRCR) credits.

CLOSEST ZENITH PRECEDENT

Muchea Industrial Park (EDL10/ERL33 Amendment, approved 7 Jan 2026) & Peel Business Park (EDL7/ERL28): Almost identical hectarage (180 ha vs. Muchea's 145 ha and Peel Phase 1's 120 ha) and identical 22 kV radial feeder bottleneck.

WHO TO APPROACH (VERIFIED CHANNELS)

Primary Decision-Maker: Tom McInerney (Managing Director, Troon Group) — HQ: (03) 5331 7777 | info@troongroup.com.au.
Warm Engineering Channel: Cossill & Webley (Mark Cundill / settling civil team, (08) 9422 5800) — named on the historical 201 Stock Rd structure plan and already Zenith's #1 partner on Peel (EDL7) and Eglinton (EDL10).
Selling / Advisory Channel: JLL / Burgess Rawson Perth Industrial Capital Markets team who brokered the $79.8M transaction.

LICENCE & REGULATORY ROUTE

Direct annexation onto existing EDL10/ERL33 (following the 7 Jan 2026 ERAWA precedent that added Muchea Industrial Park just 6 km away) or standalone EDL/ERL.

Key Risk Troon is early in its post-settlement masterplanning; if approached too late (after they lodge a standard Western Power 7 MVA feeder inquiry), they will lose 9–12 months waiting for the utility shock letter.

Next Step Call Cossill & Webley ((08) 9422 5800) to confirm if they are retained by Troon on 201 Stock Rd, and reach out directly to Tom McInerney at Troon Group ((03) 5331 7777) with a Muchea-style turnkey microgrid brief.

1 Federal ASIC Register: TROON BULLSBROOK INVESTMENTS NO.1 PTY LTD (ACN 697 850 221, reg 07/05/2026) & 201 STOCK ROAD PTY LTD (ACN 697 851 586, reg 07/05/2026) · 2 ERAWA Decision on EDL10/ERL33 Amendment (7 Jan 2026, Muchea IP) · 3 Stock Rd Bullsbrook LSP Engineering Servicing Report (Cossill & Webley, <2 MVA local line / 19 km Muchea feeder) · 4 Zenith Slide 4 C&I Bill Model ($536,448.38 / 2.0 GWh).

GROSS / NET AREA

180.0 / 135.0 ha

~130 Industrial Lots

ULTIMATE PEAK LOAD

6.40 MW (7.11 MVA)

25.60 GWh/yr (12.8x Ref)

22kV FEEDER DEFICIT

-5.11 MVA Shortfall

<2.0 MVA Local Line Cap

25-YR BOO REVENUE

$140.8M Contracted

$2.45M/yr Net EBITDA

1. BOTTOM-UP ELECTRICAL LOAD & FEEDER DEFICIT DERIVATION

Step 1 — Gross Hectare to Diversified MW Load (ERA EDL10 Industrial Benchmark)

176.0–180.0 ha gross × 0.036 MW/gross ha = 6.40 MW diversified peak demand (7.11 MVA @ 0.90 PF)

Matches Zenith's own ERAWA EDL10 load forecast density for Muchea Industrial Park (~5.0 MW across 140 ha).

Step 2 — Annual Estate Energy Consumption (GWh/yr at 45.7% Industrial Load Factor)

6.40 MW peak × 4,000 equivalent full-load hrs/yr = 25.60 GWh/yr (12.80 × the 2.0 GWh Slide 4 C&I reference unit)

Equivalent to ~130 light/heavy fabrication, logistics, transport depot, and cold-storage workshops averaging ~197 MWh/yr each.

Step 3 — Western Power 22 kV Feeder Deficit & Boundary CMD Sizing

7.11 MVA Ultimate Demand − 2.00 MVA Existing Stock Rd Feeder Limit = 5.11 MVA Feeder Deficit

Instead of paying $8M–$12M to trench 19 km of new 22 kV cable from Muchea ZS, Zenith bridges the estate behind a 3.50 MW (3.89 MVA) skinny boundary meter + 3.50 MW / 10.0 MWh BESS + 4.50 MWp Solar PV.

Step 4 — Stage-by-Stage Ramp Schedule (Years 1 to 5)

Yr 1 (Stage 1, 30 lots): 1.50 MW (6.0 GWh) → Yr 3 (75 lots): 3.70 MW (14.8 GWh) → Yr 5 (130 lots): 6.40 MW (25.6 GWh)

Modular BESS blocks (2 × 5.0 MWh containers) scale in lockstep with lot settlements so CapEx never outruns tenant connections.

2. OPTIMAL MICROGRID PLANT SIZING & DISPATCH SPECIFICATION

Microgrid Subsystem	Engineered Rating	Dispatch Physics & Commercial Role
Western Power Boundary Connection (CMD)	3.50 MW (3.89 MVA)	Single 22 kV Bi-Directional Master Meter (avoids >4 MW deep augmentation trigger)
Embedded Rooftop + Central Solar PV	4.50 MWp DC / 3.60 MW AC	Generates ~7.43 GWh/yr (1,650 kWh/kWp); zero net export trap (<10 MW AC inverter)
Central Community LFP Battery (BESS)	3.50 MW / 10.00 MWh	2.86-hr duration; absorbs midday solar belly (10:00–15:00) & shaves evening + IRCR peaks
On-Site Solar + BESS Self-Sufficiency	~42.0% Behind-the-Meter	10.75 GWh/yr supplied locally via Solar+BESS; 14.85 GWh/yr imported off-peak via skinny meter

3. UNBUNDLED TARIFF & REVENUE STACK (SLIDE 4 BENCHMARK SCALED TO 25.60 GWh/yr)

Bill Component (Slide 4)	Share	Unit Rate	2.0 GWh Ref	Full Estate (12.8x)	How the Microgrid Captures / Displaces It
Variable Wholesale Energy	37.55%	10.01 c/kWh	$200,224	$2,562,867	Replaced by on-site Solar PV (~45–62%) + cheap off-peak grid import
Western Power Network (UOS/CMD)	30.12%	8.03 c/kWh	$160,606	$2,055,757	Slashed via single skinny HV boundary meter (<=3.5 MW CMD) + internal LV ring
Peak Capacity / WEM IRCR	16.78%	4.47 c/kWh	$89,474	$1,145,267	Shaved during the 12 Hot-Season peak intervals + earns ~$216k/MW/yr IRCR credits
Market Fees & Retail Margin	11.16%	2.98 c/kWh	$59,506	$761,677	Captured directly by Embedded Network / Microgrid Operator
Environmental Certificates (LGC/STC)	4.39%	1.17 c/kWh	$23,408	$299,622	Generated on-site by behind-the-meter Solar PV array
TOTAL BUNDLED GRID BENCHMARK	100.0%	26.82 c/kWh	$536,448	$6,866,539 / yr	62.45% is Non-Energy (46.90% WP Network + IRCR alone)

4. 25/30-YEAR BUILD-OWN-OPERATE (BOO) P&L, CAPEX & DEVELOPER SAVINGS

ANNUAL MICROGRID P&L RUN-RATE (FULL BUILD)

Gross Bundled Grid Equivalent (25.60 GWh/yr)	$6,866,539/yr
Less: Customer Tariff Discount (22.0%)	−20% to −22%
Net Behind-the-Meter Retail + Network Revenue (~90–95%)	$5,355,900/yr
Plus: WEM IRCR Peak Capacity & NSSS Credits (~5–10%) 3.50 MW shaved during the 12 Hot-Season WEM Peak Trading Intervals × ~$216,000/MW/yr net IRCR/capacity value	+$756,000/yr
Total Addressable Microgrid Revenue	$6,111,900/yr
Less: Off-Peak Grid Import, Skinny CMD Tariff & O&M Includes 14.85 GWh off-peak grid import (@ ~10.0 c/kWh), single 3.5 MW CMD network charge, O&M, and ERA licence compliance	−$3,661,900/yr
NET MICROGRID EBITDA (ANNUAL RUN-RATE)	$2,450,000 / yr

CAPEX, RETURNS & DEVELOPER DEAL HOOK

Estimated Turnkey BOO CapEx Breakdown

Solar PV (4.5 MWp @ $1.15M/MWp = $5.18M) + BESS (10.0 MWh @ $0.58M/MWh = $5.80M) + 22kV Switchgear/Microgrid Controller ($2.82M) = $13.80M Total CapEx

Project Returns & Contracted Annuity

5.6 Years Simple Payback · ~16.4% Unlevered Pre-Tax IRR · $140.8M 25-Year Contracted Revenue

Why the Developer Signs (CapEx & Time Saved)

Saves Troon Group $8.0M–$12.0M in upfront 19 km Muchea 22 kV feeder headworks and accelerates Stage 1 lot titles by 24–36 months (saving ~$4.8M/yr in land holding costs on an $80M purchase).

Troon Group — 201 Stock Road, Bullsbrook ("Northern Gateway Industrial Park")

Troon Group — 201 Stock Road, Bullsbrook ("Northern Gateway Industrial Park") — Quantitative Feasibility